Jefferies raised the firm’s price target on Martin Marietta (MLM) to $785 from $761 and keeps a Buy rating on the shares after the company completed the asset swap with Quikrete and updated its fiscal year guidance. While the divested assets accounted for about $250M of EBITDA, the firm would expect Martin Marietta to fill the void with M&A this year given “a robust pipeline,” the analyst tells investors.
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Read More on MLM:
- Martin Marietta price target raised to $630 from $575 at RBC Capital
- Martin Marietta Completes Strategic Aggregates-Focused Asset Exchange
- Martin Marietta Faces Rising Tax Uncertainty That Threatens Earnings and Free Cash Flow
- Martin Marietta files automatic mixed securities shelf
- Martin Marietta price target raised to $706 from $690 at Morgan Stanley